Wednesday, November 15, 2017

Why the Republican Tax Bill is Bad for Working People

The House GOP have released a plan to slash taxes for the rich by cutting services and tax breaks for working families. This bill jeopardizes American manufacturing and its workforce. It will weaken our economy and undermine our nation’s future.

Rather than promoting growth from the ground up, the bill showers huge tax benefits on corporations and the wealthy. Here's what we know so far:

The GOP tax bill would give huge tax cuts to big corporations that outsource jobs.This bill promotes further outsourcing by moving to a so-called “territorial” tax system that shields multinational companies from paying taxes on the factories and production they move to other countries. This legislation is a tax cut for the rich and powerful masquerading as reform.

The GOP bill is unfair to union members. Corporations can deduct payments to lawyers to fight unions, but union members can no longer deduct their union dues under this bill.

The GOP tax bill favors corporations and millionaires over working people. Households making between $20,000 and $40,000 per year would ultimately pay more in taxes, while 45% of the tax benefits would go to those making more than $500,000.

The GOP tax bill is bad for students. Tax deductions for student loan interest, tuition expenses and tuition assistance would be ended, as would tax credits for students to cover college expenses.

The GOP tax bill would punish states that make the kind of investments that create good jobs. Repealing the deduction for state and local income taxes would make it harder for states to raise enough money to invest in high-quality education, infrastructure and good jobs.

The GOP tax bill would increase the health care tax burden for low- and middle-income taxpayers, especially seniors and people with disabilities. Millions of Americans with high medical bills would no longer be able to deduct out-of-pocket medical expenses.

Republicans want to (partially) pay for tax cuts with drastic cuts to Medicaid, Medicare and education. The GOP budget includes $5 trillion in budget cuts, including $1.5 trillion from Medicaid and Medicare; increases the Medicare eligibility age from 65 to 67; and ends Medicare’s guarantee of health coverage.

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